Monitor your progress

Once you know your savings goals and products, it is time to put your plan in action. It will take discipline, but the long-term payoff will be worth it.

Monitor your progress as you start saving. Set reasonable milestones to track progress on your way to your goal. Share your goals with a financial buddy to stay accountable and set dates to check in. As you reach a target, give yourself permission to celebrate (modestly). Review your goals along the way to see if they were too easy or difficult to achieve.

As you achieve your personal goals, strive to meet these general saving guidelines for financial well-being:

• Start saving as early as possible, even if the amount is very small.
• Have at least $500 in emergency fund savings, then work toward enough savings to cover basic expenses for at least three to six months.
• Save 10 to 15 percent of your income for retirement.

Savings are personal and depend on your needs. Review goals regularly and modify them to meet changing life circumstances.

 

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